Streamlined, secure, ISO 20022-compliant CHAPS payments
Handle your most critical payments with complete confidence. Our CHAPS automation solution transforms high-value transfers through rapid same-day settlement, enhanced security, and real-time visibility. As ISO 20022 compliance experts, we’ll guide your migration seamlessly.
Want to know more about how ISO 20022 will affect CHAPS payments?
Customers automating CHAPS payments
with AccessPay
Faster, safer, smarter
high-value business transfers
Maximise your ROI
Cut long-term costs while upgrading your payment processes. Automation delivers lasting savings through reduced errors and improved efficiency.
Accelerated payment processing
Process high-value payments within minutes, not days. Our CHAPS automation system ensures your transfers hit their mark before the daily cutoff.
Remove the risk of bank portals
Free your team from payment admin tasks. Let automation handle the heavy lifting while your staff focuses on what really matters.
Accuracy guaranteed
Eliminate human error from your high-value transfers. Ensures every penny goes exactly where it should.
Full cash flow control
Time your payments perfectly with automated scheduling. Keep your working capital optimised by sending funds exactly when needed.
Bank-grade security
Protect your high-value transfers with advanced security protocols. Our automated system includes controls, multi-layer fraud prevention and account name verification.
Automatic audit trails
Generate comprehensive transaction records automatically. Stay compliant and audit-ready with detailed digital payment histories.
What’s changing with CHAPS payments?
CHAPS, the UK’s high-value payment system, is undergoing a significant transformation to adopt the ISO 20022 standard. This shift promises to enhance efficiency, transparency, and interoperability in payments by requiring a richer dataset. However, the transition can be complex, requiring significant technical and operational adjustments.
Engaging a trusted third party can alleviate these challenges. By leveraging AccessPay’s expertise in data transformation and enrichment, organisations can ensure a smooth migration to ISO 20022, with minimal disruptions to their operations.
What changes do I need to make?
1
Phase 1: Initial implementation (Now- April 2025)
ISO 20022 has been live in CHAPS since June 2023. During this phase, banks are gradually rolling out capabilities to their customers.
Global adoption is progressing, with European cross-border payments already utilising the new standard.
2
Phase 2: Monitored compliance until May 2025
Starting May 2025, non-compliance with the new standard will be monitored and followed up. Banks and organisations will be encouraged to transition to the new standard, but payments will not be rejected for non-compliance at this stage.
The Bank of England will closely monitor CHAPS participants’ usage of new data fields.
3
Phase 3: Mandatory transition period begins May 2025 – October 2026
This period overlaps with Phase 2, allowing banks and payment system users time to adapt their systems.
Compliance expectations will gradually increase, supported by ongoing communication and guidance from regulatory bodies and support from third parties like AccessPay.
4
Phase 4: Mandatory transition period begins May 2025 – October 2026
Beginning November 2026, non-compliant payments will be rejected. This applies specifically to unstructured addresses in wholesale payments.
Payments without properly structured data will not pass validation and must be resubmitted with correct formatting.
Find out how the new ISO 20022 standard will affect CHAPS payments.
Get in touch with one of our experts by completing our contact form.
Why AccessPay as your
ISO 20022 migration partners?
Transparent pricing
Benefit from a fixed annual subscription model to avoid getting stung by hidden costs and support easier forecast expenditure.
Industry-leading service
We’re proud to offer rapid onboarding and unrivalled support from our UK-based Customer Success team. In fact, we have a customer satisfaction score of 98%.
One platform for all payment types
Process more payment types than just CHAPS? AccessPay works with those, too. Meaning you only need one supplier, and one set of payment controls, for all your business payments.
How does AccessPay work?
Increased efficiency and reduced errors
- AccessPay streamlines your CHAPS payments process by automating the entire workflow through a seamless back-office to bank integration.
- Automation significantly improves straight-through processing by eliminating data entry and reducing the risk of human error, saving your team valuable time and resources.
- Automating tasks such as payment file creation, validation, and submissions allows organisations to process their payments with greater accuracy.
- Eliminating manual intervention reduces the likelihood of payment failures, delays, and time-consuming manual reconciliation efforts.
Robust security and compliance
- Automating CHAPS payments strengthens your security and compliance measures. Through AccessPay, organisations can incorporate robust security protocols, such as:
- • Encryption and masking of sensitive data
• Multi-factor authentication (MFA) and single sign-on (SSO) for user access management
• Strict segregation of duties
• Automated fraud and error checks on payment files
• Native account name verification
• Dual approval capabilities - Automation helps organisations adhere to regulatory requirements and industry standards, such as ISO 20022.
- By automating payment processes, organisations can minimise the risk of fraud, cyberattacks, and regulatory penalties.
Want to see it in action?
Get in touch to speak to one of our experts and find out more.
Our integrations
AccessPay connects your entire finance ecosystem. We are compatible with all major ERPs, payroll systems and any other application you use to generate payment files.
FAQs
How does AccessPay's pricing model work?
We operate on a fixed annual subscription basis, providing transparency and predictability for your payment operation costs.
How quickly can AccessPay be implemented?
Typical implementation takes 8-12 weeks depending on complexity, bank relationships, and specific requirements.
Is AccessPay secure?
Yes, we maintain the highest security standards with encryption, multi-factor authentication, and regular security audits. We’re ISO 27001 certified and comply with banking-grade security requirements.
Ready to take full control of your high-value payments?
Get in touch with one of our experts by completing our contact form.
Speak to our team ➜